Download - Succession Planning
SuccessionPlanning
“Planningisbringingthefuturetopresentsothatyoucandosomethingaboutitnow.”AlanLakein
WhatisSuccessionPlanning?
Successionplanningistheprocessof:• IdenBfyingkeyposiBonswithineachdepartment,
• IdenBfyingemployeeswithpotenBalinassumingthoseposiBon,and
• Preparinganddevelopingthoseemployeestoassumethoserolesinthefuture.
ProsandConsofSuccessionPlanning
Pros• Internalcandidatesaremorelikelytobesuccessfulthanexternalcandidates,
• CanprovideasenseofstabilityanddirecBonfortheorganizaBon,
• InsBllconfidencewithcustomers,shareholders,investors,
• Costsavings
ProsandConsofSuccessionPlanning
Cons:• Theremaynotbeinternalcandidatesthatpossesstheskillstomoveforward,
• Ifnotdoneright,ornocommitmentfromthetop,itcanbeawasteofBmeandresources,
• CanruntheriskofdevelopedtoptalentleavingtocompeBBon,
• Wrongconclusionsaboutsuccessorscanderailsuccess.
CompeBBveApproachtoSuccessionPlanning
1) Getsupportfromthetop(boardandseniorleadership),
2) UnderstandoveralldirecBonorfutureoftheorganizaBon,
3) Determinethesuccessfactors(knowledge,skillsandabiliBes)ofeachkeyposiBonwillneedtoachievethefuturestateofthecompany,
4) PlansarenotstaBcandareevaluatedperiodically.
StepstoCreaBngaSuccessionPlan
1. Obtaintopleadershipsupport,
StepstoCreaBngaSuccessionPlan
2.UnderstandoverallbusinessobjecBves,
StepstoCreaBngaSuccessionPlan
3.IdenBfykeyposiBons,
StepstoCreaBngaSuccessionPlan
4.IdenBfyCompetency,SkillsandSuccessFactorsofLeadership,
StepstoCreaBngaSuccessionPlan
5.Assesscurrent“bench”strengthforkeyposiBons
StepstoCreaBngaSuccessionPlan
6.Designandimplementdevelopmentstrategies,
StepstoCreaBngaSuccessionPlan
7.PeriodicallymonitorandevaluateeffecBvenessofthesuccessionplan.
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IncludedinthisTimesaverKitTM:• TheKeystoaStrongSuccessionPlan• CompeBBvePracBcesofSuccessionPlanning• Step-by-StepGuidetoCreaBngaSuccessionPlan• EditableToolstoCreaBngaSuccessionPlan• EditableSlidestoCommunicatetoLeadership• ExampleSuccessionPlanPolicy
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